Goldbeck Talent Trends

Today's edition is our monthly analysis of the Statistics Canada Labour report, released this morning. Get more insights and data charts on our website here.

Canadian Employment

Employment held virtually steady in December, without so much as a tenth of a percentage point change in either direction. This is according to a new report released by Statistics Canada on Jan 5.1? The unemployment rate also held steady at 5.8%. Meanwhile, the employment rate fell by 0.2% to 61.6%. This as no jobs were gained and the population of working-aged Canadians inched upward. This continues a trend felt throughout 2023 where the population has risen more quickly than the number of jobs.

Job statistics for men were a mixed bag: core-aged men (25-54) gained 25,000 jobs, while men aged 55 and older saw a decline of 27,000 jobs. Young women aged 15 to 24 gained 13,000 jobs. Total work hours were up 0.4% in December, and up 1.7% year over year. Hourly wages were also up, with the average rate climbing 5.4% year over year, to $34.45.

Industry Breakdown

With regards to industries, professional, scientific, and technical services led the way, adding 46,000 jobs in December after several months of minimal change. The category of health care and assistance saw 16,000 jobs added. Wholesale and retail trade shed 21,000 jobs on the month, the third consecutive monthly decline in the category (-80,000 since August). The number of manufacturing jobs decreased by 18,000.

Four provinces saw job totals increase in December, with British Columbia (+18,000) the big gainer. Ontario lost 48,000 jobs, the largest decline amongst provinces.

Artificial Intelligence: Not Ready to Replace Recruiters Yet

While artificial intelligence is proving useful in the recruiting industry, Goldbeck Recruiting President Henry Goldbeck believes that its capabilities are limited at present.

“Large, automated technology works well for large companies who are constantly hiring the same type of person for the same position and AI can be very helpful in terms of assessing and selecting from volumes of applicants,” he says.

“We recognise that we’re not experts in the potential of AI but I don’t think we’re close to the stage where AI can do what we do in terms of specific job searches where each requirement is different and we’re looking for individual candidates who are already working, not applying for positions and need to be approached personally to assess their interest and fit. It will be successful in lower-level, multiple placement situations with volumes of applicants, but if and when it’ll be able to personally approach candidates who aren’t applying to the position, is still a question. It isn’t able to comprehend the idiosyncrasies of a position.”2

Recruitment Market Will be Busy in 2024

After a busy 2022, recruiters found themselves a bit less busy in 2023. Senior Recruiter Alessia Pagliaroli expects things to pick up in 24.

“2022 was a boom year for recruiters as people were finally on the move after several years of pandemic-related caution,” she says. “As a result of this robust movement, there was a natural slowdown in 2023. I don’t expect 2024 to be as tight.”

Supply Chain Stability Likely to Improve in 2024

After a tumultuous several years, could supply chains be returning to normalcy?

“2021 and 2022 were brutal for many companies in terms of shipping and logistics,” says Senior Recruiter Vanessa Cox. “We didn’t hear as many complaints from our clients in that regard in 2023, and I believe that will continue into 24.”

“I’ve also heard from most of my clients that supply chain challenges have been improving in recent months,” echoes Pagliaroli. That’s a great sign.”

World Events

Regarding the year ahead, Goldbeck talks about the potential effects of global events. “Right now the war in Ukraine, Israel and Gaza and a hugely consequential election in the United States could have effects on World and Canadian economies in 2024 and beyond. As we navigate these intricate circumstances, we are still hopeful for a favourable outcome in Canadian markets.”

Cited Sources

1 Government of Canada, Statistics Canada. “Labour Force Survey, December 2023.” The Daily – , January 5, 2024. https://www150.statcan.gc.ca/n1/daily-quotidien/240105/dq240105a-eng.htm.

2 Direct communication with Henry Goldbeck and members of the Goldbeck Recruiting staff.